Hassan Maishera
TL;DR
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Bitcoin starts the week again trading below the $26k level as the market stagnates.
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Traders are awaiting new inflation figures to determine the market’s next direction.
Bitcoin Stagnates Below $26k
Bitcoin, the world’s leading cryptocurrency by market cap, has stagnated over the past few days. BTC has maintained its value below the $26k level over the past few days despite briefly moving past the $26,200 mark last week.
At press time, the price of Bitcoin stands at $25,875, down by less than 1% over the last seven days.
The market has stagnated as investors await the next inflation figures in the United States. The US Core CPI figures for August are set to be released on Wednesday, September 13, 2023.
Market analysts expect August core CPI to rise at a 0.4% monthly rate. If that happens, it would support the Fed’s concerns that the inflation battle is not over and could result in another rate hike before the end of the year.
A rate hike could further affect the cryptocurrency market negatively, as prices could experience a further decline in value in the near term.
Ether, the second-largest cryptocurrency by market cap, has also lost more than 1% of its value over the past week. At press time, the price of ETH stands at $1,615 per coin.
The total cryptocurrency market cap now stands at $1.03 trillion, down by less than 1% today.
